1) What is the purpose of the new process for Outward Telegraphic Transfer (OTT) initiated via Maybank2E (M2E)?

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Crystal Mason
5 years ago
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1 Frequently Asked Questions ( FAQ ): New Process for Outward Telegraphic Transfer (OTT) in Compliance to Foreign Exchange Administration (FEA) Rules Requirement 1) What is the purpose of the new process for Outward Telegraphic Transfer (OTT) initiated via Maybank2E (M2E)? Customers and the Bank MUST ensure the compliance of Regulatory requirements at all times when initiating an Outward Telegraphic Transfer payment (e.g.: FEA Rules, Statistical Reporting Enforcement Framework and etc.). 2) What are the new requirements for the Outward Telegraphic Transfer (OTT) via Maybank2E (M2E)? With effect from 2 nd October 2016, it is mandatory for all OTT transactions via M2E to provide the following in compliance with regulatory requirements: Requirements M2E M2E-RC Transfer Purpose Purpose Description Supporting Documents (when required) Declaration on the Regulatory Compliance x Note : Refer to Appendix 1 & 2 of the RCMS/CMS2 screen shot. 3) What are the supporting documents required? Purpose of Payments Import payments Services Education abroad Employment abroad Sale of RM assets by non-resident to resident Documentation Required a) Invoice-Credit Note b) Form K1 c) Custom s Declaration Form on goods imported a) Invoice b) Service Agreement a) Offer Letter from overseas school/ college/ university b) Student Pass/ Card(Optional as supporting documents) c) Indication of fees & living expenses for one year (Optional as supporting documents) a) Offer Letter from employer b) Letter from employer confirming employment a) Sale & Purchase Agreement b) Letter of Offer for Takeover (Sale of Foreign Direct Investment)

2 Dividends paid to non- resident shareholder Any transactions which are not allowed or if the amount involved exceeds the stipulated limits under any of the FEA Rules Migration a) Dividend Warrant b) Company s resolution or other valid documents confirming the amount of dividend declared a) A valid approval letter from BNM a) Document confirming permanent resident (PR) status granted from the relevant authority e.g. the Immigration Department of the country to which the client is migrating. b) Permanent Resident (PR) VISA or Re-entry VISA given by the country where the person is migrating to Exporter a) Exporter ID 4) When do the supporting documents need to be submitted? Customers are required to submit the documentation immediately after the payment authorisation via Maybank2E (M2E). 5) How do customers submit the supporting documents? Customers can submit the supporting documents to Maybank via at m2e.ottdocument@maybank.com Customers are required to standardize the subject as stated below: Sample: <corp name> / <transaction reference no> / <transaction currency and amount> / <value date DDMMYYYY> COMPANY NAME / MYTT / USD 250,000 / ) What happens if the supporting documents that were submitted are incomplete? Customers OTT transactions will not be processed. 7) Will Maybank notify customers in the event of incomplete supporting documents? Yes, customers will be notified via or phone call within the same working day.

3 8) What is the timeframe given for customer to resubmit the supporting documents? Customers are required to resubmit the supporting documents within the below mentioned timeframe upon notification from Maybank. The OTT transaction will be rejected if the supporting documents are not received within the stipulated timeline. Contract Rate : Upon expiration date of the contract (latest by 3pm) Board Rate : Two (2) working days (latest by 3pm) 9) Can customers request for an extension to submit/ resubmit the supporting documents after the stipulated timeframe as mentioned above? No. However, the customers can resubmit the OTT transaction along with the complete list of supporting documents. 10) What are the penalties for not complying with the FEA rules? According to the subsection 214(9) of FSA/ subsection 225(9) of IFSA, non-compliance with any of the FEA Rules will result in either one of the following: a) Imprisonment up to 10years; b) Fine up to RM50 million; or c) Both. 11) Who should customers contact for more information on this matter? Customers can contact Maybank2E Helpdesk at: a) (if calling within Malaysia) b) (if calling from overseas) Alternatively, customers can send an to m2ehelpdesk-my@maybank.com.my

4 Appendix 1 RCMS Screen Shot a) The mandatory fields of Purpose of Transfer and Purpose Description.

5 b) Declaration on the Regulatory Compliance.

6 Appendix 2 CMS2 Screen Shot

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